BEIJING: China’s gold production and consumption both registered solid growth in the first half of this year, according to the latest industry data released on Tuesday.
Data from the China Gold Association showed that the country produced about 178.6 tonnes of gold during the period, an increase of 2.24% year on year, Xinhua reported.
From January to June, gold consumption in the country reached 554.88 tonnes, surging 16.37% year on year (YoY), according to the association.
In breakdown, the consumption of the precious metal in the country reached 368.26 tonnes, up 14.82% from a year earlier, while that of gold bars and coins surged by 30.12% on YoY basis to 146.31 tonnes in the first half of the year.
Gold Consumption for Industrial Use
During the same period, the consumption of the precious metal for industrial and other uses dropped by 7.65% from a year earlier to 40.31 tonnes.
Tuesday’s data also revealed that in the first six months of 2023, investors had decreased their holdings of gold-backed exchange-traded funds by 1.26 tonnes from the end of last year. By the end of June this year, total holdings of gold ETFs in the country’s market were nearly 50.16 tonnes.
